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Economics of Natural & Environmental Resources PDF

521 Pages·2013·18.395 MB·English
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Routledge Revivals Economics of Natural & Environmental Resources First written in 1977, Economics of Natural and Environmental Resources presents a collection of articles written in exploration of the economic, social, and ecological problems peculiar to natural and environmental resources. Whilst focusing on the economic theory of natural resources, the contributions also consider geological, technological, and institu- tional features of particular resources. Policy implications and con- siderations are central to the text and although the book was published over thirty years ago, the issues discussed remain relevant to today’s society. TThhiiss ppaaggee iinntteennttiioonnaallllyy lleefftt bbllaannkk Economics of Natural & Environmental Resources Edited by Vernon L. Smith Firstpublishedin1977 byGordonandBreach Thiseditionfirstpublishedin2013byRoutledge 2ParkSquare,MiltonPark,Abingdon,Oxon,OX144RN SimultaneouslypublishedintheUSAandCanada byRoutledge 711ThirdAvenue,NewYork,NY10017 RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness ©1977GordonandBreachSciencePublishersInc. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now knownor hereafterinvented,includingphotocopyingandrecording,orin any informationstorageorretrievalsystem,withoutpermissioninwritingfromthe publishers. Publisher’sNote Thepublisherhasgonetogreatlengthstoensurethequalityofthisreprintbut pointsoutthatsomeimperfectionsintheoriginalcopiesmaybeapparent. Disclaimer The publisher has made every effort to trace copyright holders and welcomes correspondencefromthosetheyhavebeenunabletocontact. 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GGeenneerraall EEqquuiilliibbrriiuumm wwiitthh aa RReepplleenniisshhaabbllee NNaattuurraall RReessoouurrccee.. VV.. SSmmiitthh.. 119977 vv Chapter 13. Mathematical Models of a Fishery. J. Crutchfield and A. Zellner. 215 Chapter 14. Exploitation of Common-Property Replenishable Natural Resources. C. Plourde. 229 Chapter 15. The Primitive Hunter Culture, Pleistocene Extinction, and the Rise of Agriculture. V. Smith. 241 Part IV. Water Resource Economics Chapter 16. Optimal Resource Use Over Time with an Application to Ground Water. O. Burt. 271 Chapter 17. Temporal Allocation of Ground Water. O. Burt. 28'5 Chapter 18. A Socially Optimal Pricing Policy for a Public Water Agency. G. Brown and C. McGuire. 297 Part V. General Theory of Production from Natural Resources Chapter 19. Economics of Production from Natural Resources. V. Smith. 309 Chapter 20. Production and Investment in Natural Resource Industries. O. Burt and R. Cummings. 332 Part VI. The Environment Chapter 21. Production, Consumption and Externalities. R. Ayres and A. Kneese. 348 Chapter 22. Littering, Derelicts and the Pricing System. V. Smith. 365 Chapter 23. Dynamics of Waste Accumulation: Disposal Versus Recycling. V. Smith. 385 Chapter 24. The Optimal Control of Pollution. E. Keeler, M. Spence and R. Zeckhauser. 409 Chapter 25. A Polluted Golden Age. W. Brock. 441 Chapter 26. The Economics of Environmental Preservation: A Theoretical and Empirical Analysis. A. Fisher, J. Krutilla and C. Cicchetti.463 Chapter 27. Environmental Preservation, Uncertainty, and Irreversibility. K. Arrow and A. Fisher. 479 Chapter 28. Economics of Wilderness Resources. V. Smith. 4R9 11i PREFACE This book has its origin in the growing interest in the economic, social, and ecological problems peculiar to natural and environmental resources. Production and consumption from such sources is characterized by (1) the possibility of exhaustion for fixed stock resources and of irreversible changes, including exhaustion, for replenishable and environmental resources, (2) externalities that arise primarily because of the common property features of some natural resources, (3) fundamental biophysical constraints expressing the laws of species growth, and (4) macrophysical constraints expressing the laws of conservation of energy and mass that directly link the quality of the environment with all forms of waste and energy discharge from production and consumption activities. The papers in this collection touch in some way upon these distinguishing characteristics. The major guiding principle in selecting the papers has been to create a volume in the economic theory of natural resources. An attempt has also been made to include papers dealing with the geological, technological, and institutional features of particular resources. Such background material provides an essential input to the theoretical work in this book and to future extensions in theory. Policy implications and considerations are an important element in all of the papers, and for that matter is a motivating element in most of the papers. Research scholars interested in natural resources usually have an interest in public policies concerning such resources. vii

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Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.